...Negative $1 Billion EBITDA in 2016/2017: Fitch Ratings expects Sears Holdings Corporation's comparable store sales (comps) to be around negative 8% in 2016 and in the negative mid to high single-digit range in 2017. Overall top-line is expected to decline 12%¡13% in both years as Sears continues to close stores. Fitch consequently expects EBITDA to be negative $950 million¡negative $1 billion in 2016/2017, compared with a loss of $836 million in 2015. Significant Cash Burn: Sears' interest expense, capex and pension plan contributions are expected to total $800 million in 2016 and potentially $1 billion in 2017. Fitch expects cash burn (cash flow from operations [CFFO] after capex and pension contributions) of $1.6 billion in 2016 and $1.8 billion in 2017, assuming $250 million in annual working capital benefit from store closings and less inventory buys. Sears will have to raise approximately $2 billion in liquidity in 2017, roughly in line with the annual average over the past five years....
